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FxWirePro- GBPJPY Daily Outlook

GBPJPY trades in a narrow range between 166.98 and 166.01 for the past two days. It hits an intraday high of 166.98 and is currently trading around 166.88.

  GBPUSD- Trend- Bullish

  The pound sterling is trading cautiously ahead of US GDP data.US durable goods orders jumped 3.2% last month, well above the estimate of 0.70%. "Excluding transportation, new orders increased by 0.3%,"

 Market eyes US Advance GDP and  US initial jobless claims for further direction.  Any close above 1.2500 will take the pair to 1.2580/1.2650.

USDJPY- Bullish

 The pair showed a minor pullback on strong US treasury yields. Significant resistance is 135.25/136.

 GBPJPY analysis-

 The near-term support is around 166, a breach below the targets of 165.40/165/164. The immediate resistance is at 167, any violation above will take the pair to 170.

  Indicators (4-hour chart)

  CCI (50)- Bullish

  ADX- Neutral

 It is good to buy on dips around 166 with SL around 165 for a TP of 170.

 

 

 

 

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